₦airaland Forum

attackgat:
He is the overall King of the Ikwerre people, also Chairman of the traditional rulers Council of Rivers State, and the most powerful King in Rivers State currently

Eze Chike Amadi Worlu-Wodo, the Eze Oha Apara IV Of Apara Kingdom

Bestman360:
Until Nigeria happens , then you will understand there is nothing good about the country.

givedemwotowoto:
Mikel had potential but didn’t worked hard enough on the pitch

Hezzyluv:
Is #100 notes that's more painful. No new ones and people keep rejecting the ones l have with me.

mrvitalis:
And yet have produced Ohaneze president when it's the turn of rivers igbos

They never allow the other rivers igbos get it

mrvitalis:
There is no threat I simply want the Ikwerre people to write to Ohaneze as a group stating they are not longer part of it case closed

Ddon99:
They forget, they are plenty Crypto exchanges

The Federal Government on Thursday began the reconstruction and expansion of the Sango, Ota/Idiroko Expressway.

Several buildings marked for demolition are currently being pulled down to pave the way for the expansion of the deplorable 64-kilometre Ota-Idiroko Road.

A source living in the area told our correspondent in a WhatsApp chat that landlords and tenants whose buildings were marked for demolition were helpless when the demolition started.

“That is what is happening now at Oju-ore, Ota towards the border. Most buildings are going down from the Oju-Ore to Owode-Atan to the Idiroko border. The Federal Government has started the expansion and reconstruction of the road,” the source told our correspondent.

The PUNCH reports that the National Association of Ogun State Students on Monday appealed to the Federal Government to take urgent steps towards reconstructing the completely collapsed Lagos-Sango Ota-Abeokuta expressway.

The students particularly called on the Minister of Works, Dave Umahi, to urgently activate all necessary machinery towards ensuring that his promised Federal Government’s intervention in rehabilitating the expressway materialised.

The National President of NAOSS, Kehinde Thomas, made this call on Monday in a statement made available to journalists in the state.

mrvitalis:
If ngwa is your brothers that means mbaise is your brothers too because u can't separate ngwa and mbaise ... If mbaise is your brother that means obowo and umuahia is your brother too

If etche is your brothers that means NGO okpala are your brothers too and if that's the case owerri are your brothers too


Left to be Ikwerre would have been put in their place since

Cryptocurrency firms operating in the country have started to implement a 7.5 per 7.5-cent Value Added Tax on all transactions carried out on their platforms.

The development came a few months after the Federal Government charged Binance for reportedly failing to pay taxes.

KuCoin, a cryptocurrency exchange operating in Nigeria, announced on Wednesday that starting July 8, 2024, it would begin charging users a 7.5 per cent Value-Added Tax on transaction fees.

KuCoin disclosed this update in a statement posted on its official social media account. The new policy specifies that the 7.5 per cent VAT will be applied to the transaction fee, not the total transaction amount.

For instance, if a user buys $1,000 worth of Bitcoin (BTC) with a 0.1 per cent fee rate, the transaction fee would be $1. The VAT would be 7.5 per cent of the fee, which is $0.075, resulting in a net transaction amount of $998.925.

“We are writing to inform you of an important regulatory update that impacts our users in the Republic of Nigeria. Starting from July 8, 2024, we will begin collecting a Value-Added Tax (VAT) at a rate of 7.5 per cent on transaction fees in each trade for users whose KYC information is registered in Nigeria,” the exchange said.

KuCoin clarified that the VAT will be applied to all transaction types on its platform and is a regulatory requirement for users in Nigeria.

At the time of this report, the Federal Inland Revenue Service (FIRS) had yet to release an official statement on the development.

The Founder and Coordinator, of Blockchain Nigeria User Group, Chimezie Chuta, confirmed the development with The PUNCH.

He said the implementation of VAT on crypto transactions by KuCoin signifies the Nigerian government’s recognition of crypto as an asset class.

“I honestly see this as an acknowledgement of crypto as an asset class in Nigeria by the government,” Chuta enthused.

However, Chuta emphasised the need for the FIRS to provide clear guidelines on the VAT applicability of digital assets.

“What I think is needed is for FIRS to provide clarity on digital assets being VATable in Nigeria. FIRS should also issue clear guidelines on the matter,” he said.

Chuta pointed out that it is not ideal for operators to rely solely on KuCoin’s VAT release to determine their tax obligations.

“There is a need for standardization and clarity,” he added, underscoring the importance of official regulatory frameworks for the burgeoning digital asset sector in Nigeria.

The Federal Inland Revenue Services said the crypto firms were only complying with the Federal Government regulations on VAT.

Reacting to an enquiry, Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, said, “By the decision to inform its clients that VAT will henceforth be charged on transactions on its platform, KuCoin has demonstrated readiness to comply with the extant tax laws in Nigeria and this should be commended. We at FIRS are glad that corporate organisations are showing readiness to comply with the laws of the country as far as revenue collection is concerned. This is what a responsible corporate body should do without being prompted or press-ganged.

According to the agency, the mantra of the FIRS Chairman, Zacch Adedeji, is that companies should ensure voluntary compliance with our tax laws.

“FIRS the chairman would always say that the agency is not a law enforcement body that should be running after companies with horsewhip before they pay their taxes. Don’t also forget that the Nigerian market is so huge and these crypto coys are interested in business in the most populous Black nation. With our recent action against one of them, it is pleasing that others who want to expand their businesses or want to enter the country newly have taken a cue from that action,” he added.

The Federal Government initially signaled its intention to tax cryptocurrency transactions in 2022 when the Finance Act was revised to include a 10 per cent tax on profits from digital assets, encompassing cryptocurrencies.

Kucoin, which operates globally, suspended all peer-to-peer (P2P) trading and fast-buy services via naira on May 15, 2024.

This decision came after the Securities and Exchange Commission stopped P2P transactions across all cryptocurrency platforms.

In recent months, cryptocurrency platforms have been subjected to intense scrutiny following the exit of Binance, which was accused by the Nigerian government of manipulating the naira-to-dollar exchange rate.

Binance was charged with four counts of tax evasion, including failing to pay company income tax and value-added tax, alongside its executives, Tigran Gambaryan and Nadeem Anjarwalla. However, the FIRS later dropped the charges against the executives and named only Binance as the defendant.

The exchange was accused of failing to register for tax purposes with Nigerian authorities and facilitating tax evasion for its users.

The tax issues were part of a broader investigation by Nigerian authorities into Binance’s alleged attempts to manipulate the country’s currency.

gidgiddy:
You have heard the terms, South West, South East, South South, North Central, North West and North East

A little over 30 years ago, none of these so called areas existed, how did they come about?

In 1993, General Sani Abacha staged a coup and took over power. He announced that he would convene a constitutional conference to decide the constitution of Nigeria.

In 1994, the 36 states of Nigeria elected representatives that would go to Abuja for the constitutional conference, amongst them was former vice-president Chief Alex Ekwueme. Ekwueme suggested at the beginning of the conference, that rather than each state coming to present its position individually, states should present theirpositions in "groups" as it would save time and resources. The conference agreed. So the states in the West that had majority Yorubas came as "South West", those with majority Igbos came as "South East", and all other states with minorities came as "South South" as calling them South North would have confused them with the North.

The conference ran from 1994 to 1995 and presented to Abacha a draft constitution, however, it was never acted upon

The terms "South West", "South East" and "South South" have continued to this day to represent the geographical areas, or groups of states, that attended the 94/95 conference

However, they are not recognised by the Nigerian constitution and do not exist in the eyes of the law

At best, they are mere geographical expressions

NdokwaNeKu:
Where is Paraman ? 🤣🤣

Oya come and give us your "Ikwerre are not Igbos" national anthem🤣🤣🤣🤣🤣..

After Anioma people don shock una finish, Ikwerre people own go follow 🤣🤣

Anguldi:
Dead this talk

gistray:
U don run from Anioma enter Ikwerre?
🤔

Emergency lover of South South

Niok:
hand go soon touch you
Keyboard warrior

Niok:
chief clown
You go soon collect

Niok:
as we go soon mount you for this forum

gistray:
Go and cry your eyes out.
Their son wants to be part of South East and there's nothing you can do about it Kunle

gistray:
No one gives a shiit about your support... focus on your brown roofs... People who matter already rallying support for Ned Nwoko
https://www.nairaland.com/8144261/monarchs-meet-senator-nwoko-back

Go and cry about it

gistray:
Like you keep crying on Anioma state related threads even though you're a YORUBA from Ogbomosho village

CyrusVI:
How they are qucik to deny their own identity baffles me

Like,with all due respect to the other tribes, why would i want to claim to be from another place, even on an anonymous forum? No be inferiority complex be that

Jeez... Thats the lowest any man can go